SEC releases draft IRR of RA 11765

crease to $5.667 billion from $6.278 billion in December 2021, also lower than the $7.100 billion increase recorded in November.

Six of the 10 major commodity groups posted annual decreases — coconut oil by 39.5%; chemicals by 24.7%; electronic products by 13.9%; other manufactured goods by 9.8%; metal components by 3.0%; and electronic equipment and parts by 2.7%.

Expansions were recorded in the exports of cathodes and sections of cathodes which climbed by 69.1%; ignition wiring sets and other wiring sets by 24.0%; other mineral products by 13.2%; and machinery and transport equipment by 12.4%.

Egg producers blame high price to increasing feed cost

The Philippine Egg Board has taken exception to President Ferdinand Marcos Jr.’s remark that the increase in the price of eggs was not commensurate to the cost of production.

Board chairman Gregorio San Diego said the statement was “unfair.”

“Para sa akin unfair ‘yon kasi hindi pa naman nakakausap yung mga sectors eh. Hindi nila nakakausap kaming mga producers. Paano yung cost structure namin, hindi kinakausap yung mga middlemen, anong cost structure nila. Hindi nila nakakausap mga retailers,” said Philippine Egg Board Chairman, Gregorio San Diego.

“’Yun ang isang pinakamalaking problema namin. ‘Yung increasing feed cost. Dati, mga 14 to 16 pesos lang yan ngayon 24 to 25 per kilo,” he added.

The egg board said that the average farmgate price of eggs is at P7.10. It is highest in the Ilocos region where it is at P7.83.

GMA Integrated News is trying to get the Department of Agriculture comment on the matter.

According to the DA, the price of eggs is now at P9 each or P270 for every tray.

Marcos on Tuesday tasked Agriculture Undersecretary Domingo Panganiban to meet with egg producers and traders to know the reason behind the increase despite enough supply in the market.

The President said the government was lookiing “to implement interventions to increase agricultural productivity and ensure the availability of nutritious food at affordable prices.”

“We determined that the increase in the price of eggs is not commensurate to the increase in production cost,” Marcos said.

“So we will have to have a look to see how to control that because we cannot explain almost one-half of the profit margin that we are seeing. We cannot attribute it to cost,” he added.

At the Kapihan sa Manila Bay forum, Senator Cynthia Villar said she was informed by an agriculture partylist in Batangas that there was enough supply of eggs in the country.

The Securities and Exchange Commission (SEC) has released the draft Implementing Rules and Regulations (IRR) of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act (FCPA), for public comment.

The draft IRR will operationalize the newly signed law that aims to protect the interests of financial consumers by strengthening the country’s financial regulators by providing them with rule-making, surveillance, inspection, market monitoring, and more enforcement powers.

Former President Rodrigo R. Duterte approved the measure on May 6, 2022, as part of efforts to ensure that mechanisms in line with global best practices are in place to protect consumers of financial products and services.

The SEC, as well as the Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC), have the authority to issue its own standard and rules for the application of the provisions of the new law within its jurisdiction.

The draft rules will cover all financial products and services and financial service providers under the jurisdiction of the SEC. These financial products and services include credit, securities, and investments, including digital financial products or services which pertain to the broad range of financial services accessed and delivered through digital channels.

The proposed guidelines provide that securities, beyond their definition under Section 3.1 of Republic Act No. 8799, or the Securities Regulation Code (SRC), shall include “tokenized securities products,” or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.

Powers of the SEC

The draft rules expand the enforcement actions that may be conducted by the SEC, which shall include the restriction on the ability of the financial service provider to collect excessive or unreasonable interests, fees, or charges; disqualification and/or suspension of directors, trustees, officers, or employees; imposition of fines, suspension or penalties; issuance of cease and desist orders; suspension of operation; and disgorgement.

The SEC may enter an order requiring accounting and disgorgement of profits obtained, or losses avoided, as a result of a violation of the FCPA and other existing laws, including reasonable interest, in addition to penalties it may impose for such violation.

The draft IRR authorizes the Commission to further adopt rules and regulations concerning the creation and operation of a disgorgement fund, payments to financial consumers, rate of interest, period of accrual, and other matters related to the disgorgement fund.